A sprawling 12,000 square foot waterfront estate with a colorful history has hit the market asking $15.9 million (just reduced from $16.9). Brown Harris Stevens Miami’s Jeff Miller is the exclusive listing agent.

The sellers, Alan and Ruth Zelcer, purchased the estate in 1997 and completed a dramatic $4.5 million renovation before making it their family home for nearly 20 years. The renovation transformed the interior into a flowing, contemporary space while maintaining the exterior’s original Mediterranean villa style.

Located at 88 Bal Bay Drive within the private guard gated community of Bal Harbour Village, the property is situated on a rare one acre, waterfront lot. It consists of 6 bedrooms, 7.5 bathrooms and staff quarters. The master suite is 2,700 square feet and includes a sitting room, bedroom and separate his and hers bathrooms walk-in closets and dressing area. Outside, the estate features 207 feet of deep-water dockage, a half basketball court, guest house and multiple courtyards ideal for year-round entertaining.

“This property is a once in a generation opportunity to acquire old world Florida glamour with breathtaking water views,” says listing agent Jeff Miller of Brown Harris Stevens Miami. “The home’s size, lot size and the amount of water frontage is phenomenal and rare, a very desirable triple threat. Thanks to Alan and Ruth’s careful care for the home and land – including the original trees planted nearly 60 years ago – buyers would need to make very few updates. Steps away are the world famous Bal Harbour Shops and five-star hotels and dining like The Four Seasons Surf Club and St. Regis.”

Built in the 1960’s, the estate has had only three owners. Prior to the Zelcers, the home hosted a slew of extravagant parties while owned by Vijay Mallya, an Indian-born businessman known also as the “King of Good Times.”

Alan and Ruth Zelcer are fashion industry veterans. Alan is President and CEO of Isaco International Corp, a leading designer, distributor and licensee of a broad line of high quality men’s underwear and ties. Ruth is Vice President of Merchandising of the company. In addition to their own brands, Papi and Rico, Isaco manufactures for major retailers and branded labels including Miami-based Perry Ellis. The Zelcers are active philanthropists who support the Miami Jewish Federation, Mount Sinai Hospital Founders, MTV Staying Alive, The Broward House and Style Saves.

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